Posted on 11/20/2019 3:09:00 PM PST by Mariner
California’s long economic expansion is projected to continue into next year, giving Gov. Gavin Newsom and lawmakers another surplus as they map out a new state budget.
Legislative Analyst Gabriel Petek released a report Wednesday projecting the state will bring in a $7 billion surplus in the 2020-21 budget year.
That’s far less than the $21.5 billion surplus California is collecting this year, but it still reflects a positive outlook for the state’s economy.
“The budget picture is strong and favorable. Full stop,” Petek told reporters Wednesday.
As much $3 billion could be available for ongoing expenses, while the rest could dry up in an economic downturn, according to the report. But the analyst’s office recommends the Legislature allocate no more than $1 billion of the surplus to ongoing expenses to avoid having to make cuts to programs during a recession.
(Excerpt) Read more at sacbee.com ...
While the piggy bank is not overflowing, it's heavy.
The unions who run California have an affinity for the rainy day fund as it evens employment in a downturn.
Up Gavin Newsomes nose.............
Return it to the taxpayers.
I live in CA. and I doubt this story with all of the illegals being supported etc. I highly doubt the state has this kind of money in their piggy bank!!!
The tax payers can only move out so fast...
Right...
The money will go for state employee pensions. The bought the state elected officials their jobs, and this is the reward
naturally, the commies in Sacramento will immediately refund the surplus to the taxpayers they extracted it from
and lower the state’s Highest-in-the-Nation tax burden
perhaps by repealing the state’s income tax!?
that would be a great step forward
My guess is the new gas tax tax they bait and switched to the general fund brought in this money.
Meanwhile the tax base is fleeing the Facism at a re order rate. Plus, it’s hard to run a silicon valley tech company without power...
This is like watching a train wreck in slow motion.
Forest fire prevention? Haha, just kidding.
7 billion dollar surplus? California? Are you sure this isn’t the Babylon Bee?
To illegals.
Paging Joe Biden....
Joe Biden, California is on the telephone for you.
Gosh, I wonder why the Federal Government isn’t running a surplus?
there is no surplus....smoke and mirrors ...my bet is that the reality is a deciphit .
How do you know this?
I live in the unincorporated area of a California county. They just informed us that there is not enough money for fire protection in our area. They want to charge an annual parcel fee for fire protection. I pay state income tax, property tax, almost 10% sales tax and now they want more. Spend that
$7 billion on state constitutionally mandated public protection.
Creative accounting at its best.
Have they paid back the unused high-speed railroad federal-funds as Trump demanded?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.